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Running Head; Probability Computations

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Probability Computations
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Probability Computations

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Probability Computations

In mathematics, probability is termed as the study of the possible outcomes of a given
event together with the relative likelihood of the events to occur. In common use, the term,
probability, is used to imply the chance that a given event/outcome(s) will occur expressed on a
linear scale that ranges between impossibility (0) and certainty (1), which is also expressed as a
percentage between ‘0’ and 100% (Skorokhod et.al, 2008). If the occurrence of an event is
regarded to be certain, then the probability of that outcome is equal to one, whereas if the
occurrence is considered to be uncertain, then the probability is equal to zero. Probability is
described as the foundation of statistical theory and its applications, alongside other
mathematical subjects. Usually, probability is widely applied in real life analysis and evaluation
of events, especially where one needs to predict or determine the chances of an event happening
or not happening.
Typically, probability encompasses a wide variety of concepts, such as intersection of
events, union of events, dependent and independent events, conditional probability, mutually
exclusive events, and expected value, among others. Each of these concepts is important in
understanding and predicting the chances of the outcomes in a given experiment. An experiment
in probability is a term used to refer to anything or any activity ...